2020-12-31-accounts

Council Members	Council Members	Prof P Barnes DM DSc FRCP FCCP FMedSci FRS	Prof P Barnes DM DSc FRCP FCCP FMedSci FRS	Prof P Barnes DM DSc FRCP FCCP FMedSci FRS
		Prof BCheung MA MB BChir PhD MRCP FRCP FCP
		FHKCP FHKAM
		Mr W Dimitri FRCS
		DrJ W F Elte MD PhD	FRCP FACP FEFIM (Hon)
		Prof A Ferro PhD FRCP FBPhS
		Dr Andrew Long MA MBBS FRCPCH FRCP FAcadMEd			(Appointed	20 April 2020)
		FHEA DCH
		DrT R J Nicolson BScMSc PhD		MRCP MRCPsych
		Prof K Redekop PhD
		Prof D R J Singer BMedgiol MD		FRCP FBPhS
		Dr D Slovick MA PhD FRCP
		Prof J A Vale MD FRCP FBTSFBPhS
Secretary		Broadway Secretaries	Limited
Charity number		313355
Company	number	00721213
Principal address		One Bartholomew Close
		London
		EC1A 7BL
Auditor		HW Fisher LLP
		Acre House
		11-15William Road
		London
		NW1 3ER
		United Kingdom
Investment	advisors	Rathbone Investment	Manager	Limited
		159New Bond Street
		London
		W15 2UD

				Page
Council Members' report				1-9
Statement of	Council	Members'	responsibilities	10
Independent	auditor's	report		11-13
Statement of	financial	activities		14
Balance sheet				15
Statement of	cash flows
Notes to the financial		statements		17 - 25

						Unrestricted	Unrestricted
						funds	funds
						2020	2019
					Notes	E	E
Income from:
Income from charitable			activities
Postgraduate	Medical Journal					620,915	630,747
Health Policy and		Technology		Journal		37,702	27,603
Investments						101,650	122,498
Total income						760,267	780,848
~dtdt ee:
Raising funds						23,576	22,109
Charitable activities						357,652	408,819
Total resources expended						381,228	430,928
Net gains/(losses)		on investments			10	223,866	428,299
Net movement	in	funds				602,905	778,219
Fund balances	at	1January 2020				4,730,905	3,952,686
Fund balances	at	31December 2020				5,333,810	4,730,905

				2020		2019
			Notes	f
Fixed assets
Tangible assets			11		5,514		1,104
Investments			12		4,421,372		4,122,230
					4,426,886		4,123,334
Current assets
Debtors			14	152,964		397,468
Cash at bank and in		hand		969,177		374,703
				1,122,141		772,171
Creditors: amounts		falling due within one year	15	(215,217)		(164,600)
Net current	assets				906,924		607,571
Total assets	less current liabilities				5,333,810		4,730,905
Income funds
Unrestricted	funds
Designated	funds		18	82,061		92,059
General unrestricted		funds		5,251,749		4,638,846
					5,333,810		4,730,905
					5,333,810		4,730,905

				2020		2019
			Notes	f		6
Cash flows from operating	activities
Cash generated from operations			21		573,854		434,034
Investing activities
Purchase oftangible fixed	assets			(5,754)
Purchase of investments				(907,872)		(725,669)
Proceeds on disposal of investments				569,063		418,841
Investment income received				101,650		122,498
Net cash used in investing	activities				(242,913)		(184,330)
Net cash used in financing	activities
Net increase in cash and cash equivalents					330,941		249,704
Cash and cash equivalents	at beginning	ofyear			995,466		745,762
Cash and cash equivalents	at end ofyear				1,326,407		995,466

									Unrestricted	Unrestricted
									funds	funds
									2020	2019
									6	E
undraisin	a	ublici
Other fundraising		costs							23,576	22,109
									23,576	22,109
Charitable activities
					Hippocrates	Postgraduate	Seminars and	Health policy	Total	Total
					Poetry Award	Medical	events	and	2020	2019
						Journal		Technology
					2020	2020	2020	2020
Event costs							17,819		17,819	50,213
Production,	promotion,
dispatch and	website
development						51,017			51,017	58,127
Legal and professional				fees						7,260
Fellowship members'
subscriptions								29,901	29,901	25,600
Editorial costs						66,102		12,000	78,102	80,578
Grants awarded					20,000				20,000	20,000
Publisher's share ofsurplus-
British Medical Association						124,183			124,183	126,318
Other direct	costs							355	355	895
					20,000	241,302	17,819	42,256	321,377	368,991
Share ofsupport costs				(see
note 7)					1,445	18,056	1,204	3,370	24,075	25,028
Share ofgovernance			costs (see
note 7)					732	8,784	610	2,074	12,200	14,800
					22,177	268,142	19,633	47,700	357,652	408,819

					Hippocrates	Postgraduate	Seminars and	Health policy	Total
					Poetry Award	Medical	events	and	2019
						Journal		Technology
					f	f	E	6
Event costs							50,213		50,213
Production,	promotion,		dispatch	and website
development						58,127			58,127
Legal and professional			fees					7,260	7,260
Fellowship	members'	subscriptions						25,600	25,600
Editorial costs						72,578		8,000	80,578
Grants awarded					20,000				20,000
Publisher's	share ofsurplus - British Medical
Association						126,318			126,318
Other direct costs						895			895
					20,000	257,918	50,213	40,860	368,991
Share ofsupport costs			(see note	7)		3,003	19,022	3,003	25,028
Share ofgovernance		costs (see note 7)				1,776	11,248	1,776	14,800
					20,000	262,697	80,483	45,639	408,819
Analysis by	fund
Unrestricted	funds				20,000	262,697	80,483	45,639	408,819

7	Support costs
			Support costs	Governance	2020	Support costs	Governance	2019
				costs			costs
	Depreciation		1,344		1,344	1,104		1,104
	Council and other meetings					3,353		3,353
	Rent, rates, light and	heat	13,401		13,401	16,353		16,353
	Legal and professional	fees	3,863		3,863	300		300
	Other costs		5,467		5,467	3,918		3,918
	Audit fees			7,450	7,450		9,800	9,800
	Accountancy			4,750	4,750		5,000	5,000
			24,075	12,200	36,275	25,028	14,800	39,828
	Analysed between
	Charitable activities		24,075	12,200	36,275	25,028	14,800	39,828

			Unrestricted	Unrestricted
			funds	funds
			2020	2019
			E	E
Revaluation	of	investments	194,097	393,048
Gain/(loss)	on	sale ofinvestments	29,769	35,251
			223,866	428,299

11	Tangible fixed assets
					Fixtures and		Computers	Total
					fittings
						6
	Cost
	At 1January 2020				5,226		4,416	9,642
	Additions						5,754	5,754
	At 31December 2020				5,226		10,170	15,396
	Depreciation and impairment
	At 1January 2020				5,226		3,312	8,538
	Depreciation charged	in	the year				1,344	1,344
	At 31December 2020				5,226		4,656	9,882
	Carrying amount
	At 31December 2020						5,514	5,514
	At 31December 2019						1,104	1,104
12	Fixed asset investments
					Usted	Cash	in portfolio	Total
					investments
	Cost or valuation
	At 1January 2020				3,501,467		620,763	4,122,230
	Additions				907,872		(907,872)
	Valuation changes				194,097			194,097
	Dividend income						100,832	100,832
	Investment manager fees						(25,556)	(25,556)
	Disposals				(539,294)		569,063	29,769
	At 31December 2020				4,064,142		357,230	4,421,372
	Carrying amount
	At 31December 2020				4,064,142		357,230	4,421,372
	At 31December 2019				3,501,467		620,763	4,122,230
13	Financial instruments						ZOZO	2019
								E
	Carrying amount offinancial assets
	Instruments measured		at fair value through	profit or loss			4,064,142	3,501,467

14	Debtors
																						2020				2019
	Amounts	falling due					within one	year:														f				f
	Trade debtors																					117,978				381,037
	Prepayments		and accrued income																			34,986				16,431
																						152,964				397,468
15	Creditors: amounts					falling due within				one		year
																						2020				2019
																						f				f
	Other taxation		and		social security																	199,017				136,254
	Accruals	and deferred					income															16,200				28,346
																						215,217				164,600
16	Liability	ofmembers
	The Fellowship			is constituted as				a	company			limited		by	guarantee.			In the event		ofthe Fellowship		being wound	up	members are
	required	to contribute					an amount		not	exceeding			f1.
17	Taxation
	The Fellowship			of	Postgraduate			Medicine				is a registered				charity	and therefore			is not liable to income tax or corporation						tax on
	income	derived		from			its charitable		activities, as it				falls		within the			various exemptions			available to	registered charities.
18	Designated funds
	The income funds				of		the charity	include			the following				designated			funds which		have	been set aside out ofunrestricted				funds by
	the trustees for specific purposes:
										Movement			in	funds							Movement	in funds
							Balance at			Incoming					Resources			Balance		at	Incoming	Resources			Balance at
					1January 2019					resources					expended			1ianuary	Z020		resources	expended		31	December
																										2020
	Health,	Policy
	and Technology
	Journal						110,095				27,603					(45,639)		92,059			37,702	(47,700)				82,061
							110,095				27,603					(45,639)		92,059			37,702	(47,700)				82,061

21	Cash generated from operations		2020	2019
			f	E
	Surplus for the year		602,905	778,219
	Adjustments for:
	Investment income recognised in statement offinancial activities		(101,650)	(122,498)
	Gain on disposal of investments		(29,769)	(35,251)
	Fair value gains and losses on investments		(194,097)	(393,048)
	Depreciation and impairment of tangible	fixed assets	1,344	1,104
	Movements in working capital:
	Decrease in debtors		244,504	171,176
	Increase in creditors		50,617	34,332
	Cash generated from operations		573,854	434,034
22	Analysis ofchanges in net funds